Ron Baron

Ron Baron

Last Update: 2014-05-15

Number of Stocks: 358
Number of New Stocks: 36

Total Value: $24,549 Mil
Q/Q Turnover: 6%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

Ron Baron' s Profile & Performance

Profile

Ron Baron is the founder of Baron Capital Management. He is Co-Portfolio Manager of Baron Asset Fund and remains Portfolio Manager of the Growth and Partners Funds. Baron graduated from Bucknell University with a B.A. in Chemistry, and later attended George Washington University Law School in the evenings.

Web Page:http://www.baronfunds.com/

Investing Philosophy

Ron Baron invests primarily in small and mid-size growth companies. He likes companies with open-ended growth opportunities and defensible niches. He applies a bottom-up company research, invests for the long-term, and tries to purchase companies at what he believes are attractive prices. He invests in growth companies using a value-oriented purchase discipline. Baron ignores short-term market fluctuations when he believes the fundamental reasons for purchasing a company have not changed. He holds investments for longer than five years on average.

Total Holding History

Performance of Baron Partners Fund

YearReturn (%)S&P500 (%)Excess Gain (%)
201347.6331.5516.1
201216.415.41.0
2011-5.742.08-7.8
3-Year Cumulative62 (17.4%/year)55 (15.7%/year)7 (1.7%/year)
201031.5215.0616.5
200928.226.461.7
5-Year Cumulative173.1 (22.3%/year)125.5 (17.7%/year)47.6 (4.6%/year)
2008-46.67-37-9.7
200711.345.615.7
200621.5515.795.8
200514.374.919.5
200442.351230.3
10-Year Cumulative220.9 (12.4%/year)104.1 (7.4%/year)116.8 (5%/year)
200334.9528.76.2
2002-18.07-22.14.0
2001-15.71-11.9-3.8
20004.82-9.113.9
199918.4221-2.6
15-Year Cumulative271.2 (9.1%/year)98.3 (4.7%/year)172.9 (4.4%/year)
199811.6828.6-16.9
199749.8833.416.5
199616.1323-6.9
199536.9437.6-0.7
19944.761.33.5
20-Year Cumulative935.2 (12.4%/year)483.2 (9.2%/year)452 (3.2%/year)
199328.7810.118.7
199216.837.69.2

Top Ranked Articles

Ron Baron Suggests The Stock Market Could Be Setting Up for An Epic Run
Against my better judgement I caught a little bit of CNBC this morning. But to my surprise they had Ron Baron on for an extended interview. Imagine a financial network speaking to an investor who invests based on how the stock market values a business in relation to how that business is going to perform over the next five years! Read more...
Ron Baron on AECOM Technology, Carrizo Oil & Gas, LKQ (LKQX), Allegiant Travel and Macquarie Infrastructure Company
Ron Baron invests in small and mid-size growth companies. He likes companies with open-ended growth opportunities and defensible niches. These are the commentaries excerpted from his fund's quarterly report. Related companies: AECOM Technology (ACM), Carrizo Oil & Gas (CRZO), LKQ (LKQX), Allegiant Travel (ALGT) and Macquarie Infrastructure Company (MIC). Read more...
That Baron Conference
The Baron Funds’ yearly extravaganza on Oct. 24 had almost been cancelled this year--because the markets are so far down, because the Baron funds are so far down. Read more...
Ron Baron Likes Layne Christensen, Ritchie Brothers Auctioneers, Bankrate and China Nepstar
If you are looking for small cap growth companies, you should certainly look at what Ron Baron is buying. Baron invests in growth companies using a value-oriented purchase discipline, a lot like what Peter Lynch was doing. One issue with tracking Ron Baron was that at the time when we report, the stock prices have gone up. It is not the case this time. Read more...
Ron Baron on C.H. Robinson Worldwide, Inc., Chicago Mercantile Exchange, FactSet Research Systems Inc., SAIC, Inc.
Ron Baron likes to buy companies that have long term growth potential. He used to supply research reports to Peter Lynch. If you want someone who has Peter Lynch's style of investing, Ron Baron is the closest. These are the commentaries of his firm on C.H. Robinson Worldwide, Inc., Tiffany & Co., Chicago Mercantile Exchange, FactSet Research Systems Inc., SAIC, Inc. C.H. Robinson Worldwide, Inc. (CHRW) Read more...
» More Ron Baron Articles

Commentaries and Stories

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Guru Stocks at 52-Week Lows: VOD, EC, BCS, MFG, CS
According to GuruFocus list of 52-week lows, these Guru stocks have reached their 52-week lows. More...

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Baron Funds Second Q2 2014 Shareholder Letter
Baron Capital got its start investing in small cap stocks. Today, we have 13 Funds across all asset classes, including three small cap Funds. The investment approach is the same, grounded in our long-established, consistently applied methodology developed by founder Ron Baron (Trades, Portfolio). We combine fundamental, bottom-up research with a long-term perspective to find companies with open-ended growth opportunities, sustainable competitive advantages, and visionary management, at an attractive valuation. More...

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Weekly CEO Buys Highlight: ENH, OPK, JIVE, CONE
According to GuruFocus Insider Data, these are the largest CEO buys during the past week. The overall trend of CEOs is illustrated in the chart below: More...

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Baron Funds Comments on Haitong Securities Co.
Haitong Securities Co., Ltd. (SHSE:600837) is a leading securities and brokerage firm in China. Shares were weak during the first quarter due to macro concerns over rising non-performing loans in the Chinese banking system, which could lead to a more pronounced credit contraction. We believe Haitong is well-positioned to gain for many years as credit allocation in China undergoes a secular shift from a state-bank sponsored system driven by political relationships to a more market-driven and credit sensitive system increasingly administered by the securities industry. More...

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Baron Funds Comments on Mitsui Fudosan
Mitsui Fudosan Co. Ltd. detracted from performance in the first quarter following strong outperformance in 2013. Mitsui Fudosan is a mixed-use Japanese property developer and real estate operating company. The company's weak performance was in line with the general underperformance of Japanese equities due to increased uncertainty around monetary policy and economic growth in that country More...

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Baron Funds Comments on Yandex N.V.
Yandex N.V. (YNDX) is the leading search engine provider in Russia. The stock was a detractor in the first quarter due to a decline in the Russian ruble and rising geopolitical tension over Crimea. Although we expect the conflict to negatively impact the company's growth rate going forward, we continue to hold shares in Yandex due to, in our view, its strong competitive positioning and positive long-term growth prospects relative to its current valuation. More...

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Baron Funds Comments on Sina Corporation
Sina Corporation (SINA) is a leading Chinese Internet portal and the majority owner of SINA Weibo, the largest Twitter-like microblogging service in China. Sina was a detractor in the first quarter due to concerns over slowing user growth, as well as the dilutive impact of the pending IPO of Weibo, where Alibaba exercised its option to increase its stake in Weibo from 18% to 30%. We continue to own shares in Sina, as we believe Weibo is worth more than its current embedded valuation. More...

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Baron Funds Comments on Ryanair Holdings
Shares of Ryanair Holdings plc (RYAAY) increased in the first quarter, after the company announced a favorable fourth quarter and provided some detail around plans to grow market share in the business travel segment. Ryanair is a low-cost European airline flying 80 million passengers per year. We continue to see opportunities for Ryanair to carry more passengers over time, in both high-demand, high-traffic airports and secondary airports, as high cost incumbent airlines struggle to competitively price tickets in the face of rising fuel and labor costs. More...

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Baron Funds Comments on Criteo S.A.
Criteo S.A. (CRTO) is a global ad-tech company that enables e-commerce companies to efficiently target and convert potential customers into paying ones. Criteo shares rose on the strength of solid fourth quarter results. We believe that Criteo's access to customer data and its scale make it unique, and we expect the company to continue to grow rapidly through new customer additions, product expansions, and accelerated U.S. growth. Finally, we believe Criteo has an opportunity to expand its addressable market into mobile, along with several new industry verticals. More...

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Baron Funds Comments on Domino's Pizza Enterprises Ltd.
Domino's Pizza Enterprises Ltd. (DPZ) is the largest international master franchiser of the Domino's Pizza brand. The company increased its footprint beyond its significant presence in Australia, New Zealand, and select European countries with the recent acquisition of the master franchise agreement of Domino's Pizza Japan. During the first quarter, shares responded favorably to the release of solid earnings results and an upgrade on guidance for its Japanese business. More...

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Baron Funds Comments on Kroton Educacional SA
Kroton Educacional SA (OTCPK:KROTY), the largest for-profit college in Brazil, posted excellent operating results in 2013. During the first quarter, Kroton released yet another strong set of financial results and provided preliminary 2014 student enrollment figures that topped expectations, suggesting another strong year ahead. Not surprisingly, shares reacted positively by rising sharply during the quarter More...

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Baron Funds Comments on RIB Software AG
Shares of RIB Software AG (HAM:RSTA), which provides unique, integrated and real-time project management software to the global construction industry, returned over 50% in the first quarter. RIB was able to dramatically shorten its sales process during 2013, from more than one year to just 100 days, resulting in strong contract wins. We expect this momentum to continue into 2014. More...

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Baron Funds Comments on CaesarStone Sdot-Yam Ltd.
CaesarStone Sdot-Yam Ltd. (CSTE) is an Israeli-based manufacturer of engineered quartz surfaces for kitchen countertops and bathroom vanities. CaesarStone invented the first quartz surface over 25 years ago and today has leading market positions in 42 countries, including the U.S., Australia, Canada and Israel. Quartz countertops offer an exciting growth story, having outgrown the $33 billion global countertop market by four-fold over the last decade, while still representing just 8% of the market, vs. granite at 27%. Consumers like quartz over granite for its superior scratch and stain resistance, variety of design options and comparable price point. We think CaesarStone can double its revenues and expand margins over the next five years, as construction activity rebounds (particularly in the U.S.), quartz penetration increases, and the company introduces new, higher priced products. Management is making significant investments to expand its manufacturing capacity in anticipation of demand. (David Kirshenbaum) More...

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Baron Funds Comments on VMware
We initiated a small size position in VMware, Inc. (VMW) A creator and a leader in the rapidly maturing software virtualization market, the company continues to innovate and grow its addressable market. We were intrigued by the acquisition of Nicira, an early leader in the Software Defined Networking (SDN) space, which we've been following for a while. As the SDN market begins to emerge, we believe VMWare's growth will re- invigorate and its position as an innovator and a thought leader will be re- established. More...

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Baron Funds Comments on Concho Resources
Concho Resources, Inc. (CXO) is our latest energy investment. We believe our country is finally embarking on the road to energy independence. Introduced earlier, in the Top Contributors section, we believe Concho is a Baron "type" company that at the time of purchase was trading at a greater than 20% discount to its net asset value. It also happened to be the second largest investment in our Energy and Resources Fund, run by Jamie Stone, who happens to be the smartest energy investor we know (I am a committed shareholder in his Fund). More...

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Baron Funds Comments on SoftBank Corp
We initiated a medium size position in SoftBank Corp. (TSE:9984) Run by one of the best value creators of our time, Masayoshi Son, SoftBank represents a collection of diverse assets in the wireless telecommunication services and Internet and Internet-related services providers. Amongst them is a 37% stake in Alibaba. With Amazon-like market opportunity, Facebook-like growth, and Google-like profit margins, Alibaba, in our view, is one of the most unique and attractive Internet assets in the world, although regular readers of this letter know that we are quite fond of a few others. While we think there is interesting optionality with SoftBank's acquisition of Sprint and potential acquisition of T-Mobile as well as with Yahoo Japan, Alibaba, which is expected to go public sometime in 2014, is unmistakably the main attraction. More...

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Baron Funds Comments on Citrix Systems
Citrix Systems, Inc. (CTXS) designs software and hardware products that allow users to connect with applications on any device, network or location. Citrix shares fell as the company had a challenging fourth quarter due to a management transition and product cycle execution. We exited our investment in the company. More...

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Baron Funds Comments on Liberty Media Corp
Liberty Media Corp. (LMCA) shares declined 11% in the first quarter due to uncertainty regarding the company's potential acquisition of Sirius XM and Charter's potential bid for Time Warner Cable. Liberty has since rescinded its offer to buy out Sirius XM. We expect Liberty stock performance to improve going forward, based on expected appreciation in 50% owned Sirius shares, which should benefit from a material stock repurchase program along with strong fundamentals. More...

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Baron Funds Comments on MasterCard
After rising 70% last year, shares of credit card company MasterCard, Inc. fell 11% in the first quarter on lower than expected fourth quarter earnings and forward guidance, due to higher incentive payments to card issuers and the loss of a large bank customer. In addition, a recent court decision reduced the likelihood that MasterCard would take market share from Visa in signature debit processing. We retain conviction based on high barriers to entry and a long runway for growth in electronic payments, particularly outside the U.S., where MasterCard generates most of its revenue. More...

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Baron Funds Comments on Twitter
Twitter, Inc. (TWTR) is an online social networking and micro-blogging service that enables users to send and read messages. Shares of Twitter declined 27% in the first quarter over concerns around slowing user growth and engagement. Twitter is actively investing in strategies to broaden its international presence and attract more advertising, including an accelerated rollout of products that help advertisers reach users.We believe Twitter is massively disruptive in the news collection and reporting business and that the company is in the very early stages of its overall growth and has a substantial runway ahead of it. More...

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User Comments

Francesca turner
ReplyFrancesca turner - 3 months ago
why is illumina performing so badly and do you still own it?

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